ACT campus, Iowa River Power redevelopment projects receive $2 million in state tax credits

Several Cedar Rapids projects also awarded

By: John LohmanAnnie Smith Barkalow|November 26, 2025

|3 min read

The Iowa River Power building, 501 First Ave. in Coralville, pictured Oct. 30. The building was bough last month by Old Gold, LLC, a company with an Illinois address. CREDIT ANNIE SMITH BARKALOW

The Iowa River Power building, 501 First Ave. in Coralville, pictured Oct. 30, 2024. CREDIT ANNIE SMITH BARKALOW

Two major redevelopment projects in Johnson County received a combined $2 million in state tax credits.

On Nov. 21, the Iowa Economic Development Authority awarded redevelopment tax credits of $700,000 to JNB Iowa City, LLC and $1.3 million to Old Gold & Black, LLC, through the grayfield program.

Grayfield sites are non-residential developed properties that are considered obsolete or challenging to work with because of blight or outdated infrastructure. The…

Want to Read More?

Get immediate, unlimited access to all subscriber content and much more.

Learn more in our subscriber FAQ.

Subscribe

OR

Login

Unparalleled business coverage of the Iowa City / Cedar Rapids corridor.Immediate access to subscriber-only content on our website.26 issues per year delivered digitally, in print or both.Support locally owned and operated journalism.

Do you want to read and share this article without a paywall?

Click here to purchase a paywall bypass link